Pyidaungsu Hluttaw discusses housing, infrastructure loans

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Pyidaungsu Hluttaw is being convinced in Nay Pyi Taw. Photo: MNA

The seventh regular session of the second Pyidaungsu Hluttaw held its ninth-day meeting yesterday morning at the Pyidaungsu Hluttaw meeting hall in the Pyidaungsu Hluttaw building, Nay Pyi Taw.
At the meeting, a bill on the registration of deeds, considered as approved by the Pyidaungsu Hluttaw, was put on record by the Pyidaungsu Hluttaw.
Explaining the loans provided by the Japan International Cooperation Agency (JICA), sent by the President, Deputy Minister for Planning and Finance U Maung Maung Win said the interest rate of 8.5 per cent was set after coordinating with the JICA, the Ministry of Planning and Finance and SME committee representatives, as well as by taking into consideration the interest rates of other local loans. If each loan duration is set at three years in the total duration of 40 years, loans can be provided 13 times, and if the loan duration is set at five years, loans can be provided eight times. More SME businesses can get loans, as the number of loans provided will be higher. As only secured loans were provided during phase-1 of the project, the provision for unsecured loans, through the CGI system, to provide loans to people without guarantor in phase-2 of the project will be one of the concessions made. SME business owners should cooperate by providing the required information completely when applying for loans, said the Deputy Minister. The Hluttaw approved the matter after a majority of the Hluttaw representatives supported it and a decision was taken.
This was followed by the deputy ministers explaining the utilisation of Ks26,011.131 billion from the emergency funds included in the 2017 Union Budget Law sent by the President. Deputy Minister for Home Affairs Maj-Gen Aung Soe said the fencing of 182.68 miles of land border between Myanmar and Bangladesh was conducted in three stages, and 126.68 miles had already been completed. Some 56 miles, up to B-1, the border junction of Myanmar-Bangladesh-India, is yet to be fenced. In the fourth stage, 11.5 miles of border fencing was conducted in the 2016-2017 fiscal year (FY), and in the 2017-2018 FY, 3.2 miles of barbed wire fencing was extended by 2 feet with a modified design. The extension of 2 feet of barbed wire fencing with a modified design on 11.5 miles near BP-68 and BP-69 will be conducted with the 2017-2018 FY President’s emergency fund of Ks20 billion, explained the Deputy Minister.
Similarly, Deputy Minister for Defence Rear Admiral Myint Nwe and Deputy Minister for Border Affairs Lt-Gen Ye Aung explained the respective works of the ministries. Next, the deputy ministers explained the 15 billion Japanese yen loan provided by JICA, US$360 million loan from the Asian Development Bank (ADB) and the ASEAN Infrastructure Fund (AIF), and $80 million from ADB for the Ministry of Construction project works, sent by the President.
U Kyaw Lin said the 15 billion yen loan for the development of housing will fulfil housing requirements and allow low-income people to own a place while reducing the use of government funds. The permission of the Pyidaungsu Hluttaw is sought to approve the loan, explained the deputy minister. Similarly, the $360 million loan is for the development of roads in the Greater Mekong Sub Region. The Yangon-Pathein road, Bago-Thanlyin road and Yangon-Mandalay road are the main arteries of the economy of Myanmar and from there, it can connect to the most developed economic zones, and they will be the most used roads by the people. The Pyidaungsu Hluttaw is requested to approve the loan, stated the Deputy Minister. The $80 million loan from ADB is for the socio-economic and infrastructural development of the cities in Myanmar, Mawlamyine, Hpa-an and Myawady that are along the Greater Mekong Sub Region economic corridor road and supports the sustainable development goal of making cities and human settlements inclusive, safe, resilient and sustainable, and thus the Pyidaungsu Hluttaw is requested to permit the loan, explained the Deputy Minister.
In the same way Deputy Minister for Planning and Finance U Maung Maung Win said the 15 billion yen loan for the housing development project is for the sale of housing units in Yangon, constructed by the Department of Urban and Housing Development during the housing development project phase one, and in the second phase, it is for the sale of new housing units constructed according to the JICA standard. In the second phase, loans will be provided to people who want to buy houses not only with loans provided by the Construction and Housing Development Bank but also by other private banks under PFI (Private Finance Initiative). Loan agreements will be signed between PFI banks and Myanma Economic Bank. The Pyidaungsu Hluttaw is requested to permit the Ministry of Planning and Finance and the Ministry of Construction to implement the programme enabling the homeless to become home owners, said Deputy Minister U Maung Maung Win.

Furthermore, U Maung Maung Win said the development of the Greater Mekong Sub Region roads with $360 million is important for the Myanmar transport sector. The east-west corridor will link Viet Nam, Laos and Thailand via the Thilawa Special Economic Zone in Yangon to Pathein in the Ayeyawady delta region. The north-south corridor road in Myanmar will connect the People’s Republic of China and India via the Yangon-Mandalay road.
The project is related to the east-west corridor road and north-south corridor road, and the permission of the Pyidaungsu Hluttaw is requested to approve the loan of $360 million to upgrade the Yangon-Pathein road, Bago-Thanlyin road and Yangon-Mandalay express road, said the Deputy Minister.
Similarly, the Pyidaungsu Hluttaw is requested to approve the loan of $80 million with which the socio-economic and the infrastructure sector development of Mawlamyine, Hpa-an and Myawady can be conducted, explained U Maung Maung Win.
An announcement was then made for the Hluttaw representatives who wanted to discuss the loans to enrol their names.
Later, the policy, basic principle and project works in the National Planning Bill and the Union Budget Bill for the six-month period from April to September 2018 were discussed by Daw Cho Cho of Ottwin constituency, Dr. Khun Win Thaung of Kachin State constituency (11), Naw Chris Tun @ Dr. Arr Kar Moe of Kayin State constituency (7), U Khin Cho of Hlaingbwe constituency, Daw Yin Min Hlaing of Gangaw constituency, U Kyaw Ni Naing of Shan State constituency (11), U Myo Win of Mon State constituency (8), Dr. Hla Moe of Aungmyethazan constituency, U Whey Tin of Chin constituency (11), U Tun Wei of Phaungpyin constituency, U Wai Sein Aung of Rakhine State constituency (1), Dr. Tin Tin Win of the Bago region constituency (5), U Naing Htoo Aung of Natogyi constituency, U Tun Tun of Pwintbyu constituency, U Soe Aung Naing of Kyonpyaw constituency, Daw Shwe Shwe Sein Latt of the Bago Region constituency (3), U Bo Gyi of Chauk constituency, U Khin Maung Thi of Loilem constituency, Daw Khin San Hlaing of Pale constituency, U Yi Mon @ Maung Tin Thit of Pobbathiri constituency, Daw Cho Cho Win of Mawlaik constituency, U Tin Tun Naing of Seikkyi Khanaungto constituency, U Maung Maung Oo of Insein constituency, U Kyaw Myo Min of Moenyo constituency, U Kyaw Kyaw of Rakhine State constituency (4) and U Pyu Lwin of the Magway region constituency (12).

 

Myo Myint, Aye Aye Thant (Myanmar News Agency) 

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